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Himachal Futuristic: Consolidation of presence

THE possibility of Himachal Futuristic Communications Ltd offering a 10 per cent stake to Consolidated Press Holding of Australia may provide a firm undertone to the stock price. The company is to offer 7.16 million shares at a price of Rs. 1,450 each an d raise Rs. 1,039 crores. The two groups are to float two joint ventures for business-to-business e-commerce and software development. Himachal Futuristic will hold a 51 per cent stake in the joint ventures, CPH 30 per cent and the remaining 19 per cent will be offered to strategic investors. HFCL is in the business of manufacture of telecommunications equipment and is also into software. CPH is the holding company of Kerry Packer's empire which encompasses Channel 9. The infusion of equity may enable H imachal Futuristic to cut down debt and bankroll its investments in the joint ventures as well as projects. In the wake of this development, the stock price trading at Rs. 2,417 may be on firm terrain.